Description
CHAPTER 1 – Careers in Real Estate and the Bureau of Real Estate
1. Describe how one qualifies to obtain a real estate sales license and identify the continuing education requirements in order to renew this license every four years.
2. How many questions are there on the state sales license exam? How long does the state give you to complete this exam? How many questions must you get correct in order to pass the sales license exam?
3. Overall, how did you like this online class? What did you dislike, if anything, about this online class?
4. What was the most important thing you learned from this online class? What would you change about your study habits, if anything?
5. Do you think this online Real Estate class was too much work? Too little work? Or just about right? Your answer should reflect the readings from the textbook, viewing the PowerPoint slides under ‘modules’, viewing the YouTube videos, the weekly homework, the weekly discussion board, the 6 quizzes and the final exam. Thank you!
Unformatted Attachment Preview
Cuyamaca College
Real Estate Principles (RE 190)
Chapter 1 – A Career in Real Estate and the
Bureau of Real Estate (bre.ca.gov)
Examination Requirements
Chapter 1
Student Learning Outcomes:
1. Describe the major career choices in the
real estate industry
2. List the requirements to become a
licensed real estate salesperson and a
licensed real estate broker
3. Examine the personal questions to
consider before becoming a real estate agent
Real Estate Licenses
• There are approximately 403,300 California
real estate licensees (as of 08/14)
• Broker licensees = 34%
• Salesperson licensees = 66%
Sales Specializations
• Residential
• Commercial
• Industrial
• Business opportunities
• Agricultural
Land Use Specializations
•
•
•
•
•
Land Development
Land Development Consultant
Urban Planning
Real estate securities
Syndication
Professional Services
• Real Estate counselor
• Property manager
• Investment analyst
• Appraiser
• Loan officers
Real Estate Trade
Associations
• National Association of REALTORS® (NAR www.realtor.org)
• REALTORS®
• REALTOR-Associate®
• California Association of REALTOR®(C.A.R. www.car.org)
• National Association of Real Estate Brokers® (NAREB)
• Realtists®
• California Association of Real Estate Brokers® (CAREB)
Related fields of Employment
•
•
•
•
•
Title company officers
Escrow agents
Right-of-Way agents
Government employee
Employees of chain operation
Designations
• ABR
Accredited Buyer Representative
Real Estate Buyer’s Agent Council (www.rebac.net)
• AIREA American Institute of Real Estate Appraisers
• AMO Accredited Management Organization
• ASREC American Society of Real Estate Counselors
• CCIM Certificate in Commercial Investment Marketing
(www.ccim.com)
• CPM
Certified Property Manager
Institute of Real Estate Management (www.irem.org)
• CRB
Certified Residential Broker
Council of Residential Specialists (www.crs.com)
Designations
• CRE
Counselor in Real Estate (www.cre.org)
• CRS
Certified Residential Specialist
Council of Residential Specialists (www.crs.com)
• GRI
Graduate, Real Estate Institute
• IREM Institute of Real Estate Management (www.irem.org)
• MAI
Member, Appraisal Institute
• WCR Women’s Council of Realtors
Real Estate Sales License
Requirements
1.
2.
3.
4.
5.
Must be 18 or older
Criminal record must be disclosed
Obtain transcripts showing successful
completion of the statutory college-level Real
Estate Principles, Real Estate Practice, and
one other Bureau of Real Estate elective
approved course
Pass 150 question exam 70% (105
questions)
Submit application, licensee fee, and
fingerprints
Salesperson License
• Meet renewal requirements
every 4 years
• MUST WORK FOR A BROKER
Licensing Requirements Broker
• Must be 18 years of age or older
• Criminal record must be disclosed
• Education: 8 approved real estate courses:
• Required courses: Real Estate Practice, Legal Aspects
of Real Estate, Real Estate Finance, Real Estate
Appraisal, and Real Estate Economics or Accounting
• Three elective courses approved by the Bureau of
Real Estate
• Experience: 2 years as a full-time salesperson within the
last five years or activities in lieu of experience check the
BRE website: www.dre.ca.gov
Broker Education
Select three electives courses
from the following:
•
•
•
•
•
•
•
•
Real Estate Principles
Business Law
Property Management
Escrow
Real Estate Office Administration
Mortgage Loan Brokering
Real Estate Advanced Law
Mortgage Loan Brokering
To obtain a Real Estate Broker’s License
• Pass examination
• 200 Questions
• 75% correct (150 questions)
• After you pass:
• Submit application
• Pay required fees
• Provide live-scan fingerprints
• Renew every 4 years
License renewal:
• First renewal for salesperson license requires:
• 3 hours of Agency
• 3 hours of Ethics
• 3 hours each of Fair Housing
• 3 hours of Trust Fund Handling
• 3 hours of Risk Management
• Second and all subsequent renewals:
• 45 hours Continuing Education (CE) which must include:
• Eight (8) hour survey course covering updates in Ethics,
Agency, Trust Fund Handling, Risk Management, and
Fair Housing
No License Required for:
• Principals, acting on their own behalf
• Attorney, acting in the normal course of their
business of the practice of law
• Attorney-in-fact, acting for another
• On-site resident manager
• Trustee, acting in a foreclosure
Business Opportunities
• Bill of Sale
• Financing Statement
• Balance sheet for a given date
• Profit and Loss statement for one year
• Bulk Sale Law requires Notice (12 days) before close of escrow to
notify creditors of the inventory
• Goodwill
• Real Estate licensee can sell Business Opportunities
Working Conditions
•
•
•
•
•
•
•
•
Long working hours
Competitive business
Liability high for disclosure issues
Frequently work nights and weekend
Commission – no salary
No fringe benefits
Pay your own taxes
NOT “Get rich quick scheme”
Benefits of Real Estate License
• Independent working conditions
• Good referral system and good time
management equals good money
• Select insurance and vacation with your own
earnings to fit your individual needs
• With small capital, can make excellent income
• Excellent opportunity to acquire personal
investments for profit or retirement income
Is a Career in Real Estate Right For You?
1.
2.
3.
4.
5.
6.
7.
8.
Why are you leaving your current job?
How many sales per month do you need to earn your present
income?
What vacations & holidays and fringe benefits do you need to have
and how much do you need to earn to get them?
Are you free to work nights and weekends?
Do you have the stamina & energy to work sales?
Can your personality work peaks and valleys?
Can you financially afford to begin sales?
Can your family & relations cope with your change?
Personal Checklist
1.
2.
3.
4.
5.
6.
7.
8.
9.
Analyze results of an interest inventory test
Complete BRE approved real estate courses
Check local real estate employment market
Select a geographic work area
Select offices for work for your selected area
Interview salespersons in several offices
Make an appointment with the office manager
Submit your resume, background, credentials
Make a specific list of interview questions
Purchase answer to see full
attachment
